HomeLogisticsAl Seer Marine seeks to conclude future contracts worth AED 36.7 bn
By Economy Middle East
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October 17, 2022 2:33 pm

Al Seer Marine seeks to conclude future contracts worth AED 36.7 bn

The JV will sell, build and maintain marine vessels across the globe
Al Seer Marine
Al Seer Marine (Image credit: WAM)

Abu Dhabi’s Al Seer Marine Supplies and Equipment Co., a subsidiary of International Holding Company (IHC), has entered a joint venture with two global companies to build marine vessels eyeing potential contracts of more than 36.7 billion dirhams ($10 billion) over 10 years.

Al Seer Marine will partner with DTEC, a Singapore-based maritime solutions company, and DTC Industries Investments, a marine environment technologies company to sell, build and maintain marine vessels across the globe, it said in a regulatory filing on the Abu Dhabi Securities Exchange (ADX) on Monday.

Guy Neivens, CEO of Al Seer Marine, said maritime trade is around 80% of global trade by volume. “The global marine vessel market is projected to grow from $170.75 billion in 2021 to $188.57 billion in 2028 at a CAGR of 1.43% in the forecast period.”

The company made a net profit of 882.9 million dirhams for the second quarter of the year, up from 411.3 million dirhams a year ago.